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The insurance giant had a challenging year. Nationwide’s net operating income decreased from $1.9 billion in 2019 to $797 million in 2020. There was also a dip in sales to $41.9 billion in 2020. Low interest rates and changing consumer behaviors were among the factors that put pressure on the company’s sales results, CFO Mark Thresher said in the company’s annual report. New technologies may be paying off, however, as Nationwide saw 30% of new auto-insurance business enrolled in its SmartRide and SmartMiles programs. By 2025, the company expects 70% of all new auto-insurance customers will sign up for policies that allow for a telematics device to be installed in their cars to record driving behavior—and encourage accident-avoidance and cost-saving habits behind the wheel.
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